Responsibility accounting refers to a managerial accounting framework in which accountability is set depending on the extent of responsibility assigned.
In this respect, each manager is responsible only for a specific area, and they can control it to a certain extent. This way, institutions can use this type of accounting to adapt to deviations from their plans immediately and gain knowledge from such situations.
References
Academic.Tips. (2023) 'What is meant by the term responsibility accounting'. 10 May.
Reference
Academic.Tips. (2023, May 10). What is meant by the term responsibility accounting? https://academic.tips/question/what-is-meant-by-the-term-responsibility-accounting/
References
Academic.Tips. 2023. "What is meant by the term responsibility accounting?" May 10, 2023. https://academic.tips/question/what-is-meant-by-the-term-responsibility-accounting/.
1. Academic.Tips. "What is meant by the term responsibility accounting?" May 10, 2023. https://academic.tips/question/what-is-meant-by-the-term-responsibility-accounting/.
Bibliography
Academic.Tips. "What is meant by the term responsibility accounting?" May 10, 2023. https://academic.tips/question/what-is-meant-by-the-term-responsibility-accounting/.
Work Cited
"What is meant by the term responsibility accounting?" Academic.Tips, 10 May 2023, academic.tips/question/what-is-meant-by-the-term-responsibility-accounting/.